Forex Technical Analysis: Trend potential – Buy a retracement from 108.475 with your take profit at 108.928.

USDJPY – Down

Buy a retracement from 108.475 with your take profit at 108.928.

Technical Observation

Last week, Nothing significant happened on this pair. The USDJPY closed just a few pips from its opening price. Following the break and close above 23.6% fib level, 108.714, I expect further momentum towards the daily high 108.928 and could breakout even higher. The ideal is to wait for a pullback towards the 50.0% fib level to pick a long term buy towards 108.928, alternatively, conservative traders can wait for a break above the daily high to pick a low risk buy order with their take profit at 110.00.

Trade Recommendations:

Buy a retracement from 108.475 with your take profit at 108.928.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.